Home Meal Replacement Service Provider ‘WAVENVIBE’ Secures Seed Investment
Series Ventures, a regional accelerator specializing in the southeastern area of Korea, announced that it has made a seed investment in WAVENVIBE as part of its initiative to nurture entrepreneur-type small businesses, dubbed “Licorn”.
Small businesses in the foodservice industry constitute a significant portion of the food industry, yet they face challenges such as underutilized facilities, malignant inventory, and a lack of funds. While these businesses are eager to enter the home meal replacement (HMR) market to overcome these issues, the barrier to entry is high.
WAVENVIBE is a startup founded by Choi Seok-yoon, the owner of the local Busan specialty restaurant Brothers Pork Soup, based on such experiences. It provides a service called HeroMeal, which enables small business owners and small-scale eateries to easily create their own home meal replacement (HMR) products.
WAVENVIBE offers a service to foodservice small business owners who wish to enter the HMR market by providing an easy search for national food manufacturers that meet their desired conditions. Small business owners can conveniently inquire for quotes with the industry’s minimum MOQ after pre-verifying manufacturing facilities through manufacturing histories, certification information, and reviews.
In addition, by offering tailored customer connections, promotion of their own manufactured products, access to customized information for small businesses, and connections to collaborative companies, WAVENVIBE helps expand sales, reduce costs, and enhance operational efficiency of food manufacturing facilities, thus supporting the building of “partnerships with small businesses”.
Since its launch in May this year, the HeroMeal service has secured over 300 valid small business customers and is sailing smoothly. With the newly secured investment, WAVENVIBE plans to gather scattered food manufacturing industry data in one place and expand inbound marketing personnel and sales capabilities to connect various food suppliers from food small businesses that have not yet digitized to food tech companies, and clients interested in food manufacturing and sales.
Kim Hyung-chul, Chief Examiner at Series Ventures, said, “WAVENVIBE is composed of members who are not afraid to challenge and create new business models through insights gained from a long time in the food industry.” He added, “We expect it to grow rapidly centering on the local community and to innovate in the domestic food manufacturing solutions in the future, becoming a leading example of entrepreneur-type small business Licorn.”
Choi Seok-yoon, the representative of WAVENVIBE, added, “With this investment, we will secure web development and sales and marketing experts to accelerate revenue growth, and we will strive to bring benefits back to our investors and company members through subsequent investments and rapid company growth.”
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